Mint News Blog

News, Information, and Commentary on US Mint Products

Monday, November 8, 2010

As Silver Rises, Proof Silver Eagle Premium Drops


For the year to date, silver is now up over $10 per ounce with a percentage increase of more than 60%. Much of the gain has come over the course of the last three months, leading up to the release of the eagerly awaited 2010 Proof Silver Eagle.

When the US Mint first announced the availability of the 2010 Proof Silver Eagle, they specified a price of $45.95. The recent rise in the price of silver works out well for collectors planning to buy the coins, as the premium above metal value has dropped.

Back when the announcement was made on October 4, the market price of silver was $22.03 per ounce. With the product price established at $45.95, this resulted in a premium of $23.92 or 108.58% above silver value.

Today, the price of silver rose to $27.76 per ounce. This makes for a premium of $18.19 per coin, or 65.53% above silver value.

For comparison, the 2008 Proof Silver Eagle went on sale priced at $31.95 when silver was $15.38 per ounce. This calculates to a premium of $16.57 or 107.74%. Therefore, on an absolute basis the premium for this year's offering is still higher, however, on a percentage basis, the premium is much lower.

Between now and the start of sales for the Proof Silver Eagle on November 19, the price of silver will continue to fluctuate, perhaps shrinking the premium even further.

This is all provided that the product price remains $45.95 when sales begin. This is the price currently listed on the US Mint's preliminary product page as well as the original press release. Pricing for US Mint products is officially established through publication within the Federal Register. I haven't seen any pricing notification for the 2010 Proof Silver Eagle yet. Let's hope we're not in for any surprises.
Coin Update News: American Silver Eagles in Record Territory

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40 Comments:

At November 8, 2010 at 4:14 PM , Anonymous Anonymous said...

You can bet that the US Mint will bump the price on the proof up to keep their margin. It's just a matter of time. If we're lucky, those that have subscriptions and were called by the Mint to tell us the price will get to keep our price...I'm not holding my breath though.

 
At November 8, 2010 at 4:25 PM , Anonymous Anonymous said...

Price is set, units will ship, the Mint will still make a killing, just not as high as they would have. Don't forget they probably bought the blanks when silver was $17.

 
At November 8, 2010 at 4:31 PM , Anonymous Anonymous said...

ASE only been on order for 2 years!
The 2010 were to of shipped 11-11 but no!

Greetings from the United States Mint.
We regret to inform you that the item(s) listed below are currently on backorder. Please expect your item(s) to arrive within the timeframe listed below.

Haven't been officially released and on back order - What a way to run a business.

 
At November 8, 2010 at 5:29 PM , Anonymous Anonymous said...

The mint can raise prices whenever they want, they can even stop selling the coins if they want.

 
At November 8, 2010 at 6:16 PM , Anonymous Anonymous said...

I hope those who continue to argue that the mint's operation is no way to run a business please keep in mind that the mint is NOT A BUSINESS. It is a gooberment agency. They have no competion, pay no taxes, are not regulated by anyone, can make up rules pretty much as they go along or stall until they can, and have obscure policy manuels to which they can also refer.

 
At November 8, 2010 at 7:00 PM , Anonymous Anonymous said...

I received a notice that my subscription, for one, was now on back order. The expected delivery date is 11/20/10. I hope to purchase a few more when they become available to the public on the 19th. We'll see.

Joe

 
At November 8, 2010 at 9:40 PM , Anonymous Anonymous said...

How about this... Back on 10/7 I ordered the J Tyler $1.00 and FS Medal set and the confirmationh said that it would ship in November. Now I get this lovely message... Greetings from the United States Mint. Thank you for ordering from the United States Mint. We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item.

Item: XR3 Qty: 1 09 PRES $1 COIN & FS MEDAL SET - J TYLER

I would think they would have a better handle on their inventory.

 
At November 8, 2010 at 10:19 PM , Anonymous Anonymous said...

Has anyone experienced a subscribtion in your account that you sure you didn't place?

 
At November 8, 2010 at 11:51 PM , Anonymous Anonymous said...

Whine, whine, whine.

Whiners, would you like a piece of cheese with your whine?

 
At November 9, 2010 at 3:26 AM , Anonymous Anonymous said...

We will see on the price. My wife just did a subscription on the A.E. Proof and the confirmation email from the Mint didn't have a price. Mine still had the old price when I got my "back order" notice yesterday.

 
At November 9, 2010 at 4:49 AM , Anonymous Anonymous said...

AFTER EVERYTHING THE MINT HAS PUT US THROUGH OVER PROOF EAGLES... IF THEY RAISE THE PRICE 1 CENT FROM THE STATED PRICE, I WILL NEVER ORDER ANOTHER ONE.

THEY BETTER TAKE THE REDUCED PROFIT MARGIN ON THESE INSTEAD OF MORE PRICE GOUGING!

IF THEY CANT COVER THEIR COSTS WITH 65%, THEY SHOULD JUST CANCEL THE 2010 PROOF SILVER EAGLES FOR ALL I CARE, AND DISCONTINUE THE WHOLE SERIES!

 
At November 9, 2010 at 5:49 AM , Anonymous Anonymous said...

" My wife just did a subscription on the A.E. Proof"....if your wife put in a subscription yesterday, it is for the 2011 SAE. The mint stopped taking 2010 SAE subscriptions at noon on 11/5/10.

 
At November 9, 2010 at 6:44 AM , Anonymous Anonymous said...

Subscriptions are pointless. They're only for items that never really sell out anyway, but rather are only eventually taken off-sale.

Why lock yourselves into products that will ship separately for separate shipping charges anyway? Just order it when it goes on sale, and combine it with all the other products you've been holding off on for one combined $4.95 shipping charge!

 
At November 9, 2010 at 7:52 AM , Anonymous Anonymous said...

Whine, whine, whine.

Whiners, would you like a piece of cheese with your whine?


MAKE IT CORSICAN CHEESE - YUMMY!!!

 
At November 9, 2010 at 9:05 AM , Anonymous Anonymous said...

I just checked My subsription for the proof siver eagle and it showed a subtotal of $47.00. The price must have gone up?

 
At November 9, 2010 at 10:01 AM , Anonymous Anonymous said...

Mine still show $45.95

 
At November 9, 2010 at 11:12 AM , Anonymous Anonymous said...

Wow, at some point today silver got up to $29.38. At the time of this writing it's back down to "only" $28.12.

I didn't think silver would be flirting with $30 today! This is crazy!

 
At November 9, 2010 at 9:28 PM , Anonymous Anonymous said...

Subscriptions are pointless. They're only for items that never really sell out anyway, but rather are only eventually taken off-sale.

Why lock yourselves into products that will ship separately for separate shipping charges anyway? Just order it when it goes on sale, and combine it with all the other products you've been holding off on for one combined $4.95 shipping charge!


Sadly, I used to do it that way until one of the items sold out early and I had to buy it for twice the price on the open market. Since then, I've done the subscriptions and eat the $4.95 shipping charge each time. I do wish the Mint would release products closer together or give an option to ship together.

 
At November 10, 2010 at 10:03 AM , Anonymous Davo said...

Man you people or some people here on this blog are never satisfied. Coin collecting is supposed to be fun and enjoyable. If you make a profit or make some solid investments along the way then that is a bonus. Try to enjoy coin collecting and stop complaining about all the things you don't like about the Mint or silver or gold bubbles. Let's have fun and interesting posts about coins and not how inefficient you think the mint is running.

 
At November 10, 2010 at 4:23 PM , Anonymous Anonymous said...

I personnaly don't have much complaint with the way the mint is run. Its run by the gooberment what should anyone expect? My complaint is with the crappy products, poor designs, and pot metal coinage. Like the nearly 2 ton quarters pallet recently introduced. Boy there's a real winner some goobermint wizards concocted.

 
At November 10, 2010 at 6:24 PM , Anonymous Anonymous said...

1999-2008-S SILVER Proof Sets W/ Original Boxes & COA's

Mint Issue Price $363.50¹
Dealer Wholesale $425.00²
Present Day Retail $639.99³

¹US Mint(excluding shipping $49.50)
²Graysheet
³Ebay Buy It Now (11/10/10)

 
At November 11, 2010 at 7:26 AM , Anonymous Anonymous said...

I've been faithfully collecting first spouses since 2007, but will now sell my most of my complete unc and proof collections.

Greenspan spoke of "irrational exuberance" to describe the market bubble a decade ago...not long after, the bubble burst. I'm heavily invested in gold, but have learned from history that it is prudent to sell high that which I bought low.

I may keep my Julia Tylers and the Liberties, but will exit while the getting is good and use the significant ROI to build out my other prized collections.

Who knows, I might be able to buy the spouses back for much less money!

 
At November 11, 2010 at 8:45 AM , Anonymous Anonymous said...

Anyone else's 2010 ASE just get axed?

Email says "sold out". Order summary says "Item no longer available".

 
At November 11, 2010 at 10:13 AM , Anonymous Anonymous said...

I subscribed to order a 2010 ASE months ago... and this is what the US Mint just sent me:

"Greetings from the United States Mint. Thank you for ordering from the United States Mint. We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item."

What good are "subscriptions"? I'll go back to ordering on the release dates. Geez!

 
At November 11, 2010 at 10:45 AM , Anonymous Anonymous said...

If they are sold out will there even be a release date.
What happened to the quantities to meet demand excuse the mint uses otherwise.

 
At November 11, 2010 at 11:21 AM , Anonymous Anonymous said...

I just received an email from the mint telling me that my subscription would not be fulfilled because the Proof Silver Eagle is sold out.

What a freaking joke!!!!!

 
At November 11, 2010 at 11:31 AM , Anonymous Anonymous said...

Greetings from the United States Mint. Thank you for ordering from the United States Mint.

We regret to inform you that the item(s) listed below are currently sold out. A customer service representative will be happy to assist you in finding an alternative item.

Order # 356XXXXX - 1
Sold To XXXXXXXX,XXXX
Ship To XXXXXXXX,XXXX Item: PS1 Qty: 3
2010 AE SILVER PRF 1 OZ

Did I say that the Mint sucks? I've had this subscription for at least a year. How do they sell out before they are even offered for sale? I am going to write Ron Paul (next overseer of the Mint) to complain! Moy is an idiot and so are all other government workers!

 
At November 11, 2010 at 11:52 AM , Blogger Mint News Blog said...

People who have called the Mint 800-number have been getting a response that the orders were canceled in error and will be reinstated.

I am trying to get a statement directly from the Mint to confirm, and also make sure none of the details of the offering have changed.

 
At November 11, 2010 at 12:53 PM , Anonymous Anonymous said...

2010 ASE Proof sold out before release date? My guess is that the "Dealers" got to the right person and bought everything up, so they can again have a monopoly over the collectors. Hooray for free enterprise and our Government!

 
At November 11, 2010 at 2:36 PM , Anonymous Anonymous said...

I better buy 100 silver eagles just in case they really are sold out!

 
At November 11, 2010 at 2:38 PM , Anonymous Anonymous said...

How ironic...our current government hates capitalism, and yet the Mint only sells to those that grease some Mint official's palms. Sound an awful lot like China's modus operandi to me...

 
At November 11, 2010 at 3:00 PM , Anonymous Anonymous said...

Anyone else get a sold out e-mail form the mint on the AE proof silver today from subscription plan? They are not even selling them yet!

 
At November 11, 2010 at 3:39 PM , Anonymous Anonymous said...

I give up... I cancelled my account with "The Mint".
It has become a reflection of all the typical negative cliches attached to many government programs.
It has left many of us in the coin hobby disillusioned... for too long.
Mr Moy's squirrely leadership has been a CONSTANT frustration due to the long string of inexplicable errors, excuses and decline in quality. If it wasn't for his policies of crappy customer service and even crappier products... he'd have no policies at all. Incompetent leadership at it's finest.

 
At November 11, 2010 at 3:45 PM , Anonymous Anonymous said...

The emails you received saying they were sold out is an error. When I called today, I was told that it was a glitch and they are working to fix it. Stay patient and I am sure we will receive a new email soon with more details.

 
At November 11, 2010 at 3:55 PM , Anonymous Anonymous said...

I got the AE cancelled and my MT. Hood quarters were cancelled. I kinda figured it was a mistake, but I swear I am this ---> <-- close to just stop doing business with them.

 
At November 11, 2010 at 4:26 PM , Anonymous Anonymous said...

I got the same "sold out" email. Thought it was funny that something was sold out before if even went on sale. I called the Mint and the rep said that the email was sent in error. I just got this email in regards to it...

Dear United States Mint Customer,

On Wednesday, November 10, 2010, The United States Mint sent email notifications out to customers notifying them that some backordered and subscription items were canceled. This was an error. We are diligently working on a resolution to this issue.

We sincerely apologize for the confusion and inconvenience this may have caused.

United States Mint
Customer Service Center

I wonder how the "sold out" email was even sent or why was it even drafted? Oh well, at least I should get what I ordered!

TK in Minneapolis

 
At November 11, 2010 at 5:41 PM , Anonymous Anonymous said...

Selling for over $150 on EBAY!!!

 
At November 11, 2010 at 7:18 PM , Anonymous Anonymous said...

You aint kidding, check out this auction on ebay....absolutely crazy. I guess the overseas market is rediculous on these.

170564632779

 
At November 13, 2010 at 6:54 PM , Blogger Jimmi Jaz said...

how does seller on ebay have a pre-order for 300? I cant order any until the 19th and I thought the subscription was limited to a few.

 
At November 14, 2010 at 8:57 AM , Anonymous Anonymous said...

I was told that all eagles subscriptions will ship together and if charged over 1 4.95 please call they will refund i have been told that many times

 

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